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The Westpac-Melbourne Institute Consumer Sentiment index in Australia rose 5.3% to 94.6 points in November 2024, improving for the second straight month and hitting the highest level in two-and-a-half years as the outlook on the economy and finances finally turned optimistic. Still, the index has now held below 100 for nearly three years, indicating pessimists continue to outnumber optimists. Key components of the index showed strong improvements: family finances compared to a year ago surged 6.8%, while expectations for the next 12 months rose by 4.4%. The economic outlook for the coming year jumped by 8.7%, and confidence in the five-year economic outlook rose by 6.5%. These gains were driven, in part, by easing concerns over future interest rate hikes. Matthew Hassan, Senior Economist at Westpac, commented, "Consumers are feeling less pressure on their family finances, no longer worried about further interest rate rises, and are increasingly confident in the economic outlook."